AFTER the tax sale, the prior owner must go through a myriad of procedures to challenge it and they must have a legitimate reason to do so (like they actually paid all the taxes before the sale but the sale accidentally still went on, the sale was improper, etc). 

I don't think the midwest will ever get anywhere close to these prices, but puts prices in a different perspective.I would like to hear someone challenge my thoughts here, what am I not seeing?

Until that point, I am here to read / listen and learn.I am likely looking to purchase in my area (Pittsburgh) and have some ideas about what neighborhoods specifically, but these are just instincts and purely anecdotal in any event, so I would love to engage in discussions about what areas around here would work for the buy and hold rental income strategy.Thanks!

Keep in mind that the cap rate will always be determined by the sales price so unless one is taking that into consideration while running numbers, it can be challenging to give an accurate cap rate for a given area or type of property.  

When I analyze deals I always challenge it against the lowest rental rate in the area for a similar but less desirable property.

Make sure you introduce yourself to a few people every week to grow your network.I'm with @Ryan Swan on the cashflow challenge with small size real estate and would recommend scaling even higher right from the get-go since the numbers don't work very well in our experience before you hit the min. 65 unit mark (been there, done that).Send me a PM should you be interested in learning by doing mid-size multifamily apartment investing.

You were very inspirational and a real challenge to me. 

Calling out one of the top agents in the country and insinuating they are engaging in illegal activities probably isnt going to help your business either.

As a new Realtor, I had a nice and challenging first offer fall through. 

I completely agree, the distance just makes it more challenging and expensive to manage your manager...i have to pay the cost for airline tickets to inspect their work vs a drive across town...